Insurable Interest Canadian Insurance Blog

Yaelle Gang, the Canadian Investment Review | April 9, 2020 With the coronavirus pandemic causing pain for employers and employees across the country, many organizations want to help out those in need. But can pension funds go as far as making financial donations to charities? Last week, the Caisse de dépôt et placement du Québec announced it’s donating $300,000 to five organizations for coronavirus relief, including the Canadian Red Cross and the Centraide of Great Montreal’s Emergency Fund. Similarly, the British Columbia Investment Management Corp. said it’s contributing $75,000 to the Victoria Foundation’s Rapid Relief Fund. This isn’t the first time the Caisse has supported philanthropic endeavours. In fact, it supports a variety of these causes annually, said Yann Langlais-Plante, a media, communications and public relations advisor at the Caisse, in a statement emailed to Benefits Canada. “In our view, our philanthropic action is part of being an active member of the community.” Read: Canadian pension players making donations, investments to alleviate coronavirus pressure The BCI, on the other hand, has an ongoing program that encourages employees to work with causes of their choice one business day per year without using personal days or vacation time. “BCI puts clients at the forefront of...

Staff | April 9, 2020 The Alberta Investment Management Corp. delivered a 10.6 per cent return in 2019, net of all fees, representing a net investment income of about $11.5 billion and bringing the fund’s total assets under management to $118.8 billion. While the results were positive, and well above the organization’s 2.5 per cent return in 2018, its total fund return was 0.5 per cent below its benchmark. “As institutional investors, we understand that even well-diversified portfolios are bound to deliver more favourable returns in some years compared to others,” said Kevin Uebelein, chief executive officer of the AIMCo, in a press release. Read: AIMCo posts 2.5% return for 2018 “While over the long term, we are proud that AIMCo has earned its clients strong value-added investment performance across all asset classes — beating the benchmark in 10 of the past 12 years at the total fund level — we acknowledge that, in the short term, we have not met our clients’ expectations.” While the total fund return was below the AIMCo’s benchmark, it outperformed its benchmark by 0.5 per cent and 0.8 per cent, respectively, on a four- and 10-year basis. “Despite all asset classes earning strong absolute returns, some did not outperform...

Staff | April 8, 2020 The federal government will now only require employers to demonstrate a 15 per cent drop in revenue during the month of March due to the coronavirus to be able to access the new 75 per cent emergency wage subsidy. For all subsequent months that the Canada Emergency Wage Subsidy is available, employers will be required to show a revenue drop of at least 30 per cent that can be attributed to the pandemic. The government also said it would allow employers to measure their revenues on either an earned or received basis, to recognize that the time between earning and receiving payment can be highly variable. Registered charities and non-profit organizations will benefit from that flexibility and from being able to choose whether to include or exclude government funding in their revenue calculations. Read: Feds introduce 75% wage subsidy to help employers keep staff during coronavirus Employers can calculate their change in revenue for March, April and May 2020 to the same time period in 2019, or to an average of their revenue in the months of January and February 2020. The subsidy will apply to the first $58,700 of an employee’s earnings, up to $847 per week. The goal of the subsidy, which will...

Toronto, ON (Apr. 7, 2020) – Apollo Exchange has announced a new product available to brokers on the Exchange — ‘best in class’ cyber liability insurance coverage from AXIS Insurance, a business segment of AXIS Capital Holdings Limited (NYSE:AXS). The product can be accessed through Apollo’s Broker Portal, or cross sold in an email campaign by leveraging the white labeled consumer-facing version of Apollo’s platform. The product offers a full cyber wording and includes up to $2 million limits for companies with up to $50 million in revenue, with premiums starting at $450. Brokers can access the product 24/7 with no wait times for quotes or policy documents on the Exchange Broker Portal, and will receive 20 percent commission. “With many businesses adapting to a digital first work from home or ecommerce environment, cyber exposures have increased dramatically,” said Apollo CEO Jeff McCann. “Global cyber attacks have peaked and working from home makes many businesses easy targets. It is an important time for the cyber insurance conversation with clients continuing operations.” Social Engineering Fraud, Ransomware, Business Interruption, Data Restoration, and Cyber Extortion, are included at no additional cost. It also features a Data Breach Event Hotline, which allows clients to...

Minneapolis, MN (Apr. 7, 2020) – Player’s Health, in collaboration with Dolden Wallace Folick LLP, one of Canada’s pre-eminent sports and recreation liability law firms, has prepared a white paper that addresses participant legal liability and the associated risk management and insurance issues facing sports and recreation organizations in Canada. We believe sports and recreation organizations, now more than ever, need knowledge and information to assist them to better understand, assess, prevent, mitigate and transfer risk. Access it here: Player’s Health Participant Liability White Paper. In the months ahead Player’s Health will bring forward additional insurance and risk management subject matter content in an effort to support Canadian sport and recreation organizations and their board of directors as they seek to navigate and manage evolving enterprise risks and exposures. About Player’s Health Player’s Health is a leading Risk Management Services firm that provides specialized assessment, prevention, mitigation and risk transfer solutions to Canada’s sport, recreation, leisure and fitness sector. For more information on Player’s Health, visit playershealth.com. About Dolden Wallace Folick LLP Dolden Wallace Folick LLP is a national law firm that specializes in defending Canadian municipalities, sports organizations and recreation facilities and providers. In 2017, Dolden Wallace Folick LLP...

Seamless insurance for Canadian healthcare and technology specialists active in the accelerating digital health space London, UK (Apr. 8, 2020) – Specialist insurer Beazley has launched Virtual Care, which provides comprehensive insurance protection against risks associated with technology-enabled healthcare and lifestyle management services, in Canada. How Canadians access care and monitor their health is evolving. According to the Canadian Medical Association, seven in 10 Canadians would take a virtual appointment if available, and 71% of Canadians would like to be able to book appointments online.[1] The COVID-19 pandemic has sharply increased demand for telemedicine, and many providers are expanding or adding these services to meet demand and to protect patients as well as those providing healthcare. Advancements in healthcare and lifestyle management technology offer Canadians, as well as those who treat and support them, the ability to monitor health data and deliver care in non-traditional ways. To respond to the risks associated with providing digital healthcare and ensure clients are not left with unexpected gaps in coverage, Beazley Virtual Care offers four pillars that work together to provide seamless cover. These include: medical malpractice and professional indemnity tech and media liability public and products liability cyber coverage and services through...

Desjardins is one of three financial institutions in North America recognized by the United Nations as a responsible institution during the COVID-19 pandemic Montreal, QC (Apr. 6, 2019) – In an effort to support its clients, Desjardins General Insurance is offering refunds on auto insurance premiums for Personal and Business clients who are staying at home. Nearly everyone is driving their vehicles less, and Desjardins General Insurance wants to acknowledge this fact. This refund will be offered to clients whose commuting habits have significantly changed and who are only using their vehicles for essential trips to such places as the pharmacy or grocery store. This refund is open to anyone who has lost their job, for example, or who is now working from home or otherwise self-isolating. It will be calculated over a 3-month period and will reflect the client’s annual distance travelled, as declared on their insurance contract. Eligible clients who are interested in receiving this rebate should apply at www.desjardinsagents.com (for Desjardins Agent Network clients) or www.desjardinsgeneralinsurance.com (for direct clients) by May 31. “As a result of the physical distancing and other government measures implemented due to COVID-19, Canadians are using their cars less. It only seems right...

Chicago, IL (Apr. 3, 2020) – Aon plc has unveiled an interactive web application that forecasts the impact of COVID-19 on employee populations throughout the U.S. Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions, designed the tool to help employers anticipate medical costs, absenteeism and potential needs to shift work operations due to the spread of COVID-19. “COVID-19 has brought on uncertainties in many aspects of our lives and this application will help employers understand their risks,” said Tim Nimmer, global chief actuary of Health Solutions for Aon. “Aon’s COVID-19 Employee Impact Model forecasts the impact on your employee population based on geographic-specific infection rates and advanced epidemiologic models.” Aon’s COVID-19 Employee Impact Model works by using de-identified demographic data on employee populations and dependents covered by the employer’s health plan. Aon’s application combines employer-specific data with geographic infection rates from the most reputable epidemiologic models.[1] It is updated daily based on the spread of the virus, social distancing measures taken by local governments, and the current figures of confirmed patients, hospitalizations, deaths, and testing and treatment patterns. The tool allows employers to estimate the impact of the virus through the...

As direct-to-consumer offerings increase, next-generation insurance agents are differentiating themselves with new capabilities in their operations and culture: Novarica Boston, MA (Apr. 7, 2020) – As the number of direct-to-consumer insurance offerings continues to increase, the next generation of insurance agents must either follow the traditional strategies to market, sell, and service their business, or they must explore new options. In a new report, Young Agent Insights: Marketing, Sales, and Service Capabilities, research and advisory firm Novarica provides insights from discussions with members of 400 Under 40, a community of high-performing insurance producers under the age of 40. “A majority of younger agents indicate that they are ready to leverage data and services from insurers to improve their marketing, sales, and service experiences,” said Kevin Rall, Vice President of Research and Consulting and author of Novarica’s new report. “But a much smaller segment of agents have actually been successful in changing their behavior and operationalizing their technology capabilities for the good of the customer. Insurers and agents that leverage technology as part of their trusted advisor relationship may end up demonstrating that a technology-fueled relationship itself is the most desired consumer experience.” Click here for the table of contents or...

Cassandra Williamson-Hopp | April 8, 2020 While physical well-being is vital during the coronavirus pandemic, the situation is raising multiple mental-health issues, including rising stress levels exacerbated by job uncertainty and social isolation. Looking at mental-health policies and tools, innovative practices and work-from-home protocols, Benefits Canada hosted a panel of experts in a webinar on March 31 to answer plan sponsor questions. Click here to find out what you missed. Since the coronavirus is forcing employees to work remotely, many are working under conditions to which they might not be naturally aligned, which is creating stress, said Claire Duboc, managing director of MindBeacon Group. Organizations are recognizing that everyone is struggling with their new normal; no employee is unaffected and everyone is reacting uniquely to changing, day-by-day circumstances. “That’s the reality employers are facing,” she said. “It’s not a niche issue, it’s a broad one. We all need to get through this together mentally healthy and resilient in order to be able to continue on.” Read: Webinar: Coronavirus: What do employers need to know? Three-quarters (75 per cent) of employers know employees pay attention to workplace culture and that it’s an imperative part of whether they stay with a company, said Karen Adams, chief...